Avago (AVGO) in Advanced Talks to Buy Broadcom Corp (BRCM): Report

Broadcom Corp. (BRCM) is a big mover this session, as its shares are up nearly 21% to $57.20. The surge came after a report by The Wall Street Journal said the company is in “advanced talks” to be bought by wireless chip maker Avago Technologies (AVGO). The move comes on a massive volume too with the issue currently trading more than 43 million shares, well above the average of 6.2 million for a full session over the past month.

The publication, citing multiple unnamed sources, notes that it’s not yet clear under what terms Broadcom would get acquired. Broadcom’s market cap as of Wednesday’s last hour of trading was about $33 billion.

Update: Reuters is now reporting that while the negotiations are not yet final, a deal between Avago and Broadcom could be announced as early as this week.